INDUSTRY SPOTLIGHT: Paymerang’s Revolutionary Work in Senior Living Accounts Payable Results in Substantial Growth

Paymerang has witnessed phenomenal growth in senior living Accounts Payable over the past five years and now serves more than 200 communities in 20 states nationwide.

Before Paymerang’s expansion in the long-term care space, Accounts Payable (AP) Automation was nonexistent. Paymerang quickly recognized the need for finance automation within the industry, achieved product-market fit, and grew its customer base by providing users with a streamlined AP automation platform. Since then, Paymerang has experienced an 803% increase in dollars processed for senior living clients, a 782% increase in the number of vendors paid by these clients, and an 810% increase in the number of payments processed by them.

“Paymerang modernizes and transforms Accounts Payable departments by making them more efficient and secure,” said Nasser Chanda, CEO of Paymerang. “With our help, senior living clients now have the chance to focus on their communities and provide exceptional care for their members.”

Partnering with PointClickCare, a leader in healthcare software, has been a significant driver for Paymerang’s growth in senior living. Also contributing to that growth are Paymerang’s other partnerships with senior living associations and organizations. The company is proudly endorsed by PointClickCare and LeadingAge, which represents over 5,000 nonprofit aging services providers and other mission-minded organizations. Paymerang is a part of several LeadingAge state associations, including Virginia, the District of Columbia, Maryland, Pennsylvania, Kansas, Ohio, Florida, Minnesota, and Oklahoma. Blackbaud is also one of Paymerang’s current marketing partners.

“We’re excited to have Paymerang as a LeadingAge Partner as they offer their finance automation solutions to our senior living communities across the nation, helping communities focus on serving an aging America by providing maximum operational efficiency in accounting,” said Margaret Wanca-Daniels, VP and Head of Business Development of LeadingAge.

Paymerang’s best-in-class Invoice and Payment Automation solutions have alleviated some of the stressors impacting the industry because of the pandemic. Massive labor shortages have adversely affected the industry, so much so that 78% of nursing homes and 61% of assisted living communities are concerned workforce challenges could force them to close¹. Paymerang has reduced employees’ workload by eliminating the tedious tasks that once overwhelmed them by acting as an extension of their accounting team.

Finance automation allows senior living professionals to focus on strategic initiatives such as increasing revenue, investing more time in employees, and emphasizing employee benefits. Most importantly, providers can now do more activities that will improve the quality of life of their patients. For example, social activities provide tremendous benefits for seniors by helping them build relationships among residents and caregivers, improve confidence levels, and build trust. Lastly, social activities are great for reducing stress and improving overall wellness².

As a best-in-class AP Automation provider, Paymerang recognizes that senior living professionals are stretched thin and must do more with less. Implementing Paymerang takes less than 10 hours and works with various ERPs, including PointClickCare, MatrixCare, Dynamics GP, Blackbaud, QuickBooks, and Sage Intaact, Inc.

Paymerang is pleased with its growth in the senior living industry and looks forward to extending its footprint nationwide. We are devoted to collaborating with our clients to provide solutions that better serve their needs in a rapidly evolving market.

Sources:

¹American Health Care Association: 2021 State of the Long-Term Care Industry

²The Ashford Independent & Assisted Living: Why Social Activities for Seniors Improve Quality of Life at Assisted Living Communities